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April 04, 2012 |
Mumbai |
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Pradip Overseas Limited |
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Ratings suspended |
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Total Bank Loan Facilities Rated
| Rs.5805.2 Million
| Long-Term Rating
| Suspended
| Short-Term Rating
| Suspended
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(Refer to Annexure 1 for Facility-wise details) |
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CRISIL has suspended its ratings on the bank facilities of Pradip Overseas Ltd (POL). The suspension of ratings is on account of non-cooperation by POL with CRISIL’s efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, POL is yet to provide information substantiating its ability to service debt. The suspension reflects CRISIL’s inability to maintain a valid rating in the absence of this information. |
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About the Company |
POL (formerly Chetan Textiles), based in Ahmedabad, processes and manufactures home-linen textiles. It is promoted by Mr. Pradip Karia and his brother, Mr. Chetan Karia. Mr. Pradip Karia has more than 20 years of experience in the textile trading business. The company’s products include cotton and polyester-blended bed sheets, duvet covers, fitted sheets, pillow covers, and curtains. The company currently operates two textile-processing units with a combined installed capacity to process 136.5 Million metres per annum (MMPA) of home linen. In April 2010, the company issued an initial public offering of equity shares for a total consideration of Rs.1.16 billion; the company is now listed on the Bombay Stock Exchange and the National Stock Exchange. |
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Annexure 1 - Details of various bank facilities |
Current facilities
| Previous facilities
| Facility
| Amount (Rs. Million)
| Rating
| Facility
| Amount (Rs. Million)
| Rating
| Cash Credit
| 2381.5
| Suspended
| Cash Credit
| 2381.5
| CRISIL BB/Stable
| Foreign Bill Purchase
| 808.5
| Suspended
| Foreign Bill Purchase
| 808.5
| CRISIL A4+
| Letter of Credit
| 1650
| Suspended
| Letter of Credit
| 1650
| CRISIL A4+
| Packing Credit
| 160
| Suspended
| Packing Credit
| 160
| CRISIL A4+
| Proposed Long-Term Bank Loan Facility
| 32.4
| Suspended
| Term Loan
| 805.2*
| CRISIL BB/Stable
| Term Loan
| 772.8
| Suspended
| --
| --
| --
| Total
| 5805.2
| --
| Total
| 5805.2
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*Includes Rs 32.4 Million as Proposed Term Facility |
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Media Contacts
| Analytical Contacts
| CRISIL Rating Desk
| Mitu Samar Director, Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1838 E-mail: msamar@crisil.com
Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Email: tabhinandan@crisil.com
| Gurpreet S Chhatwal Senior Director - CRISIL Ratings Tel: +91-11-4250 5100 Email: gchhatwal@crisil.com
Subodh K Rai Senior Director - CRISIL Ratings Tel: +91-11-4250 5100 Email: srai@crisil.com
| Tel: +91-22-3342 3047/3342 3064 Email:CRISILratingdesk@crisil.com
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